Commodity bourse MCX today said Corporation Bank has divested its entire 1.77 per cent stake in the bourse and its nominated shareholder director ceases to exist on the company's board.
In a filing to the BSE, MCX said: "Consequent to Corporation Bank divesting its entire stake in the company, Corporation Bank has withdrawn its nomination of P Paramasivam as a shareholder director on the Board. Accordingly, P Paramasivam ceases to be a Director."
The Corporation Bank has divested its 1.77 per cent stake in the bourse.
MCX offers futures trading in both agricultural and non-agricultural items. However its performance has taken a beating in the last few months due to declining trade volumes following imposition of commodity transaction tax and Rs 5,600 crore payment crisis at its sister concern NSEL.
